century 21 accounting © 2009 south-western, cengage learning lesson 21-2 accrued expenses
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 21-2 POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST EXPENSE page Post the credit. 1.Post the debit.TRANSCRIPT
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 21-2LESSON 21-2
Accrued Expenses
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LESSON 21-2CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
ANALYZING AN ADJUSTMENT FOR ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST EXPENSEACCRUED INTEREST EXPENSE page 622
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2. Credit Interest Payable.
1. Debit Interest Expense.
3. Record the adjusting entry.
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LESSON 21-2CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
POSTING AN ADJUSTING ENTRY FOR POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST EXPENSEACCRUED INTEREST EXPENSE page 623
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2. Post the credit.1. Post the debit.
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LESSON 21-2CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
REVERSING ENTRY FOR ACCRUED REVERSING ENTRY FOR ACCRUED INTEREST EXPENSEINTEREST EXPENSE
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1. Debit Interest Payable.2. Credit Interest Expense.
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LESSON 21-2CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
PAYING A NOTE PAYABLE SIGNED IN A PAYING A NOTE PAYABLE SIGNED IN A PREVIOUS FISCAL PERIODPREVIOUS FISCAL PERIOD
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March 1. Paid cash for maturity value of the September 2 note: principal, $10,000.00, plus interest, $600.00; total, $10,600.00. Check No. 916.
1. Debit for the principal of the note.
2. Debit for the total interest.3. Credit for the maturity
value of the note.4. Post the amounts in the
General columns.
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LESSON 21-2CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
TERMS REVIEWTERMS REVIEW
accrued expenses accrued interest expense
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